Melisron and its subsidiaries (the “Company”) owns and manages high-quality income-producing properties situated in the centers of Israel’s big cities.
The Company focuses on retail properties in central locations at the heart of big cities and on office complexes that are mainly marketed to international and Israeli high-tech companies.
As of September 30, 2021, the Company owns and manages 28 income-producing properties spanning approx. 871 thousand sqm of leasable space with high occupancy rates of approx. 98%, and 26 thousand parking spaces in addition thereto.
The Company’s shares are listed on the TA-35 Index, the flagship index of the Tel Aviv Stock Exchange (TASE), which includes the 35 companies with the highest market cap on TASE that meet the Index’s threshold conditions, as well as on the Tel Aviv Real Estate Index and the Tel-Dividend Index.
The Company’s Objectives and Goals
The Company operates and manages its business for the betterment of its properties, for maximum income generation from such properties and in order to bring about the development and growth of the Company’s business. In order to reach these objectives, the Company operates in the following manner:
From the CEO
During Q3, the Company’s malls continued to operate fully and with almost no restrictions, making it possible to continue to demonstrate Melisron’s strength and the great appeal of its malls, which drew in millions of visitors per month. The Company continues to present record results for the second consecutive quarter:
Due to such results, the value of the Company’s properties increased by approx. ILS 600 million during the period.
In the office operations, we are experiencing huge demand as a result of the bullish hi-tech market and the “unicorn” IPOs. During the quarter, the Company signed the first contract in the Landmark project in Sarona, Tel Aviv (which is held with a partner in equal parts) in an approx. 16,500 sqm area spread out over six floors. The Company is holding advanced negotiations for all of the office spaces in Tower A, a project whose construction is expected to be completed at the end of 2023, and also for office spaces in Tower B, whose construction is expected to end in 2025. In view of these negotiations, the NOI forecast for the project was updated, assuming full occupancy, to ILS 290 million, which is an increase of approx. ILS 100 million compared with the forecast from December 31, 2020. In the Ofer Park Petah Tikvah and in Ofer Hacarmel, negotiations for large areas are in progress. In addition, the Company is continuing to promote a number of zoning plans for the development of land and exercise of rights in the Company’s existing properties, totaling approx. 370 thousand sqm for office, retail, and residential uses, some of which are nearing the issuance of building permits.
With the closing of the acquisition of Grouper, since August 2021 the Company has begun developing a digital arm, and we are in the stage of research and planning to understand the opportunities and preferences and also to choose appropriate technologies for the fast and efficient implementation of Ofer’s digital vision and our client loyalty program.
With the ebb of the fourth Covid-19 wave and the return to full normal operations, the Company estimates that the momentum in its business will continue, concurrently with the implementation of the strategic plan to diversify the sources of its revenues, for the continued growth and development of the Company.
 The increase in store revenues is measured compared with the same period in 2019, net of revenues of movie theaters, which only opened at the end of the previous quarter
improved business results in 2021.
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